PSC Insurance Group acquired by The Ardonagh Group
Key points
- Scheme of arrangement implemented, with PSC to be delisted from ASX
- Cash consideration of A$6.19 per share paid to PSC shareholders
- Changes to PSC board of directors, with new directors appointed
Full summary
PSC Insurance Group Limited (ASX:PSI) has announced that the acquisition of PSC by Rosedale Bidco Pty Ltd, a member of The Ardonagh Group, by way of scheme of arrangement (Scheme) has been implemented. All PSC Shareholders who held PSC Shares at the Scheme Record Date (7.00pm on 4 October 2024) have been issued their Cash Consideration of A$6.19 per PSC Share or, in respect of the PSC Shares held by Rollover Shareholders subject to an Election, the applicable Scrip Consideration in accordance with the terms of the Scheme. With effect from implementation of the Scheme, Brian Austin, James Kalbassi, Tara Falk, Joanne Dawson and Melvyn Sims have each resigned as directors of PSC, and Paul Lynam, Gordon Wilkie and Greg Mullins have each been appointed as directors of PSC. Trading in PSC Shares on the ASX was suspended at the close of trading on Wednesday, 2 October 2024, and PSC has applied for its removal from the official list of the ASX, which is expected to take effect from close of trading on Monday, 14 October 2024.
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